Group of Wealthy Americans Endorse Higher Estate Tax than Even Obama Administration Proposal

By: Tuesday December 11, 2012 10:00 am

A group of very rich Americans, including Warren Buffet, George Soros, the father of Bill Gates, the grand-daughter of Roy Disney and former Treasury Secretary Robert Rubin, have released a statement arguing for a higher estate tax than even the Obama Administration has endorsed, showing that there’s a constituency to press for higher taxes on [...]

France Calls for Top Marginal Tax Rate of 75%

By: Friday September 28, 2012 10:47 am

France has announced a massive redistributive tax program which would send the top tax rate soaring and increase taxes broadly on the top 10% of society. French Prime Minister Jean-Marc Ayrault has said that nine out of 10 citizens will not see their income taxes rise in the new budget. He has confirmed that there [...]

Report Details $21-$32 Trillion in Untaxed Global Wealth Parked Offshore

By: Monday July 23, 2012 11:38 am

The Tax Justice Network, an organization I frankly had never heard of until this weekend, came out with a study over the weekend alleging that between $21 and $32 trillion in global wealth is being hidden away in tax havens. This represents a sum equal to the GDP of the US and Japanese economces combined. [...]

The Case for Raising Top-End Tax Rates Over Minimizing Deductions

By: Monday November 28, 2011 1:28 pm

Paul Krugman’s column today includes some additional possibilities for taxation beyond just returning to the Clinton-era tax rates, which he implicitly endorses here (the first major name to endorse do-nothingism, as far as I can tell). One of his options is higher rates on the rich: About those high incomes: In my last column I [...]

Effectiveness of Buffett Rule Depends on How It Manifests Itself

By: Wednesday September 21, 2011 9:30 am

The zeal for fact-checking in the traditional media has gotten so intense that they have now taken to fact-checking principles. Glenn Kessler gives the “Buffett rule” this treatment, even while acknowledging that the deficit reduction plan “never really explains what that means, and administration officials have refused to lay out any detailed proposal.” We don’t [...]

Obama Debt Reduction Plan a Sharp Pullback from Grand Bargain Territory

By: Monday September 19, 2011 6:25 am

The President’s plan to “go big” on the Super Committee is out, and it’s an opening bid that is far less pre-compromised than we’ve come to expect. Of the more than $3 trillion in deficit solutions (UPDATE: $3.6 trillion per WSJ, but the numbers don’t add up), $2.6 trillion consist of tax increases and savings [...]

Warren Buffett Makes the Case for Progressive Taxation

By: Monday August 15, 2011 8:15 am

As I mentioned earlier, even a policy of taxing the wealthy is sub-optimal at this point compared to borrowing cheaply to create jobs by expanding fiscal policy. That’s not to say it’s always and forever sub-optimal. First, the rich park their money rather than spending it, so if you’re going to pay for job-creating measures, [...]

The Byzantine, Impossible Tax Reform in the Gang of Six Plan

By: Wednesday July 20, 2011 12:33 pm

There’s a lot of confusion over the tax reform piece of the Gang of Six proposal, which relies on a different baseline than the Obama “grand bargain” plan. In Obama’s plan, the Bush tax cuts were assumed to all be extended, and the $1 trillion in revenue gained came in part from eliminating those “high-end” [...]

What If the VP Held a Deficit Meeting and Nobody Came?

By: Tuesday April 19, 2011 8:00 am

Late yesterday, the White House announced that Vice President Biden would convene a meeting at Blair House on May 5 on fiscal policy. Biden “will lead a bipartisan, bicameral group to begin work on a legislative framework for comprehensive deficit reduction.” There’s only one problem: Republican leaders have not agreed to this meeting. Both Nancy [...]

Inequality, Wealth Concentration, PR and the Finance Lobby

By: Wednesday December 15, 2010 12:04 pm

Tyler Cowen is generally a conservative economist, but even he sees some disquiet in the recent run-up of inequality. Sure, he wants to dismiss most of the concerns, using the familiar “But everyone has a TV now!” fall-back, but he does note the skyrocketing increase in total compensation among the top 1%, and relates almost [...]

Did They Ever Want to Let the Tax Cuts Expire in the First Place? No.

By: Thursday December 2, 2010 12:27 pm

UPDATE: The House passed their tax bill, with the permanent extension on only the first $250,000 of income. The vote was 234-188, with 3 Republicans actually supporting, and 20 Democrats opposed. It’s good that Pelosi managed to pass this bill procedurally speaking, and it will be a nice vote for 2012. But it could have [...]

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